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<SEC-DOCUMENT>0000930413-07-008247.txt : 20071030
<SEC-HEADER>0000930413-07-008247.hdr.sgml : 20071030
<ACCEPTANCE-DATETIME>20071030113757
ACCESSION NUMBER:		0000930413-07-008247
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070831
FILED AS OF DATE:		20071030
DATE AS OF CHANGE:		20071030
EFFECTIVENESS DATE:		20071030

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170299
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21076
		FILM NUMBER:		071198450

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c50688_n-q.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">




<P align="left">&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="5">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="80%"><P align="center"><B><FONT size=2 face="serif">UNITED STATES </FONT></B><BR>
          <B><FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR>
          <B><FONT size=2 face="serif">Washington, DC 20549 </FONT></B></P>
    <P align="center"> <B><FONT size=2 face="serif">FORM N-Q </FONT></B></P></td>
    <td width="10%" nowrap STYLE="border:1px solid #000000">&nbsp;&nbsp;&nbsp;<U><FONT size=1 face="serif">OMB
          APPROVAL</FONT></U><FONT size=1 face="serif">&nbsp; </FONT><BR>
      <FONT size=1 face="serif">OMB Number: 3235-0578 </FONT><BR>
      <FONT size=1 face="serif">Expires: Aprl 30, 2010 </FONT><BR>
      <FONT size=1 face="serif">Estimated average burden </FONT><BR>
      <FONT size=1 face="serif">hours per response: 10.5 </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="center"><B><FONT size=2 face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
            OF REGISTERED </FONT></B><BR>
          <B><FONT size=2 face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B></div></td>
    <td nowrap>&nbsp;</td>
  </tr>
</table>
<P align="center">&nbsp;</P>
<P align="left">
<FONT size=2 face="serif">Investment Company Act File Number: 811-21076 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Registrant Name: PIMCO Municipal Income Fund II </FONT></P>
<P align="left">
<FONT size=2 face="serif">Address of Principal Executive Offices: 1345 Avenue
of the Americas New York, New York</FONT>
<FONT size=2 face="serif">10105 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Name and Address of Agent for Service: Lawrence G. Altadonna &#150; 1345 Avenue of the Americas </FONT><BR>
<FONT size=2 face="serif">New York, New York 10105 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area code: 212-739-3371 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date of Fiscal Year End: May 31, 2008 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date of Reporting Period: August 31, 2007</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Form N-Q is to be used by the registered management
investment company, other than a small business investment company registered
on Form N-5 (</FONT><FONT size=2 face="sans-serif">&#167;&#167;</FONT><FONT size=2 face="serif"> 239.24
and 274.5 of this chapter), to file reports with the Commission, not later than
60 days after the close of the first and third fiscal quarters, pursuant to rule
30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission
may use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to the collection of information contained in Form N-Q unless
the Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. </FONT><FONT size=2 face="sans-serif">&#167;
</FONT><FONT size=2 face="serif">3507. </FONT></P>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
<B><FONT size=2 face="serif">Item 1. Schedule of Investments </FONT></B></P>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
    <font size=1 face="sans-serif">August 31, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap style="border-bottom:4px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap colspan=3>
    <div align="left"><B><FONT size=2 face="sans-serif">MUNICIPAL BONDS &amp; NOTES&#151;95.5%</FONT></B>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Alabama&#151;4.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Birmingham Baptist Medical Centers Special Care Facs. Financing Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/30, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;8,892,800</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Birmingham Waterworks &amp; Sewer Board Rev., Ser. B,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 1/1/13) (MBIA)(a),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,145</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=center nowrap>
    <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/27</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,210,025</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=center nowrap>
    <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,567,900</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 1/1/33 (b)(g)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,236,960</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Huntsville Health Care Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 6/1/32, Ser. B, (Pre-refunded @ &#36;101, 6/1/12) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,909,652</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">16,580</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 2/1/38, Ser. B, (Pre-refunded @ &#36;100, 8/1/12) (FGIC)(a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,338,701</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,650</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tuscaloosa Educational Building Auth. Rev., 5.00%, 6/1/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,437,841</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61,593,879</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Alaska&#151;0.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,900</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Northern Tobacco Securitization Corp. Rev., 5.00%, 6/1/46, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,951,693</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,550</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Housing Finance Corp. Rev., 5.25%, 6/1/32, Ser. C (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,532,179</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8,483,872</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Arizona&#151;2.9%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Beatitudes Project, 5.20%, 10/1/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,666,050</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Hospital System, 5.75%, 12/1/32, (Pre-refunded @ &#36;101, 12/1/12) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,427,387</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Pima Cnty. Industrial Dev. Auth. Rev., 5.50%, 7/1/37 (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,327,800</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">33,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Salt River Project Agricultural Improvement &amp; Power Dist. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37, Ser. A (b)(g)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">33,673,200</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">44,094,437</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Arkansas&#151;0.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Arkansas Dev. Finance Auth. Rev., zero coupon, 7/1/46 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,771,770</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;3.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,610</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Alameda Corridor Transportation Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/16, Ser. A (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,480,792</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/33, Ser. A-1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,595,550</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/33, Ser. 2003-A-1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,598,386</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39, Ser. 2003-A-1, (Pre-refunded @ &#36;100, 6/1/13) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,341,720</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Rancho Cucamonga Community Facs. Dist., Special Tax, 6.30%, 9/1/23, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,035,360</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Southern California Public Power Auth., Transmission Project Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/1/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,140,240</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Statewide Community Dev. Auth. Rev., Baptist Univ., 9.00%, 11/1/17, Ser. B (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,799,217</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Univ. of California Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,430</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/37, Ser. C (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,272,558</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,900</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/38, Ser. B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,795,455</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">50,059,278</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
    <font size=1 face="sans-serif">August 31, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap style="border-bottom:4px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;5.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;30,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;14,785,200</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Denver City &amp; Cnty., CP,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 12/1/25, Ser. B, (Pre-refunded @ &#36;101, 12/1/10) (AMBAC)(a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,314,850</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">E-470 Public Highway Auth. Rev., Ser. B (MBIA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,832,000</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,274,200</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">American Baptist Homes, 5.90%, 8/1/37, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">979,310</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Health Initiatives, 5.50%, 3/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">26,548,000</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,305</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Exempla, Inc., 5.625%, 1/1/33, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/A-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,686,659</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Retirement Fac., Liberty Height, zero coupon, 7/15/22</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,235,375</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Housing &amp; Finance Auth. Rev., Evergreen Country Day School,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 6/1/37 (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,938,360</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,593,954</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">District of Columbia&#151;1.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Washington D.C. Convention Center Auth. Tax Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/28, (Pre-refunded @ &#36;100, 10/1/08) (AMBAC)(a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">17,705,625</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Florida&#151;3.9%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,520</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Brevard Cnty. Health Facs. Auth. Rev., 5.00%, 4/1/34</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,260,569</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,310</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dev. Finance Corp. Rev., Learning Gate Community School,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 2/15/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,311,548</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Highlands Cnty. Health Facs. Auth. Rev., Adventist Health System,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,830</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist 5.00%, 11/15/31, Ser. C</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,775,296</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist/Sunbelt, 6.00%, 11/15/31, Ser. A, (Pre-refunded @ &#36;101, 11/15/11) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,737,760</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,335</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Hillsborough Cnty. Industrial Dev. Auth., Pollution Control Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tampa Electric Co. Project, 5.50%, 10/1/23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BBB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,372,010</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">635</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Hillsborough Cnty. Industrial Dev. Auth. Rev., Health Fac. Project,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 8/15/23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">639,674</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,135</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Jacksonville Health Facs. Auth. Rev., 5.25%, 11/15/32, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,220,905</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Lakeland Hospital System Rev., Regional Health System,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/15/32, (Pre-refunded @ &#36;101, 11/15/12) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,541,670</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Leesburg Hospital Rev., Leesburg Regional Medical Center Project,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 7/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,004,770</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. Health Facs. Auth. Rev., Adventist Health System (a),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,550</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/32, (Pre-refunded @ &#36;101, 11/15/12)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,789,572</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 11/15/24, (Pre-refunded @ &#36;100, 11/15/12)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,574,700</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sumter Landing Community Dev. Dist. Rev., 4.75%, 10/1/35, Ser. A (MBIA)(b)(g)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,819,600</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Winter Springs Water &amp; Sewer Rev., zero coupon, 10/1/29 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">504,300</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">59,552,374</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Georgia&#151;0.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Atlanta Water &amp; Wastewater Rev., 5.00%, 11/1/39, Ser. A (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,052,760</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Grantor Trust Gov't, CP, 4.75%, 6/1/28, Ser. A (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,494,015</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,775</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Medical Center Hospital Auth. Rev., 5.25%, 7/1/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,490,896</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,600</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Richmond Cnty. Dev. Auth. Rev., zero coupon, 12/1/21</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,933,728</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,971,399</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Hawaii&#151;1.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,170</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Honolulu City &amp; Cnty. Wastewater System Rev., First Board Resolution,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 7/1/28 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">19,213,899</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
    <font size=1 face="sans-serif">August 31, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD width=90% align=left nowrap style="border-bottom:4px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Illinois&#151;17.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Central Lake Cnty. Water Agcy. Rev., Ser. A (AMBAC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;2,935</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;3,034,761</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">675</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/28, (Pre-refunded @ &#36;100, 11/1/12) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">720,063</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/32, (Pre-refunded @ &#36;100, 11/1/12) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,694,094</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chicago, GO, Ser. A (FGIC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,635</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 1/1/29</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,664,414</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,415</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 1/1/29, (Pre-refunded @ &#36;101, 1/1/09) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,512,259</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chicago, Lake Shore East, Special Assessment,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,162</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.625%, 12/1/22</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,325,507</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 12/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,030,779</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chicago Board of Education School Reform, GO (FGIC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,535</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/16, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,467,017</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/28, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,748,000</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,330,785</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chicago City Colleges, GO (FGIC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">32,670</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,419,030</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">29,145</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/38</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,255,100</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">32,670</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/39</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,644,425</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chicago Midway Airport Rev., 5.00%, 1/1/31, Ser. B (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,035,630</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Cicero, GO, 5.25%, 12/1/31 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,171,400</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dev. Finance Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Christian Homes, Inc., 5.75%, 5/15/31, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,442,875</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Regency Park, zero coupon, 7/15/23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,647,400</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">134,650</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Regency Park, zero coupon, 7/15/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">56,124,813</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Sedgebrook, Inc., 6.00%, 11/15/42, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,461,270</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Condell Medical Center, 5.50%, 5/15/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,913,400</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Elmhurst Memorial Healthcare, 5.625%, 1/1/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,650,740</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Metropolitan Pier &amp; Exposition Auth. Rev. (MBIA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">60,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/15/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,006,200</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">50,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/15/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,553,000</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,460</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/15/38</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">526,858</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Schaumburg, GO, 5.00%, 12/1/41, Ser. B (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,526,820</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">68,470</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Sports Facs. Auth. Rev., zero coupon, 6/15/30 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,868,469</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">264,775,109</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Indiana&#151;0.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Brownsburg 1999 School Building Corp. Rev., Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 9/15/13) (FSA)(a),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=center nowrap>
    <div align="left">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/15/25</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,065,200</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=center nowrap>
    <div align="left">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 3/15/25</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,157,140</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,125</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Fort Wayne Pollution Control Rev., 6.20%, 10/15/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Caa1/B-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,147,770</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Bank Rev., Hendricks,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 4/1/30, Ser. D, (Pre-refunded @ &#36;100, 4/1/12) (AMBAC)(a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">532,530</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,902,640</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Iowa&#151;3.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Finance Auth. Rev., Wedum Walnut Ridge LLC, 5.625%, 12/1/45, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">936,840</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Higher Education Loan Auth. Rev., Grandview College, 5.10%, 10/1/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,126,488</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. of Iowa Rev., Ser. B,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">46,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/34</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">42,378,880</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,850</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.60%, 6/1/35, (Pre-refunded @ &#36;101, 6/1/11) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,486,315</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">54,928,523</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
    <font size=1 face="sans-serif">August 31, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:4px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Kansas&#151;0.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;2,800</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Univ. of Kansas Hospital Auth. Health Facs. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 9/1/32, (Pre-refunded @ &#36;100, 9/1/12) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;3,038,168</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Kentucky&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Economic Dev. Finance Auth., Hospital Facs. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare Partners, 5.25%, 10/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,524,250</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,945</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">St. Luke's Hospital, 6.00%, 10/1/19, Ser. B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,129,055</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,653,305</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Louisiana&#151;4.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Public Facs. Auth. Rev., Ochsner Clinic Foundation, Ser. B,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/32, (Pre-refunded @ &#36;100, 5/15/26) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">22,766,196</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/47 (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,283,863</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., Ser. 2001-B,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">36,395</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 5/15/39</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">36,531,845</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 5/15/39 (b)(g)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8,030,080</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,611,984</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Maryland&#151;0.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Health &amp; Higher Educational Facs. Auth. Rev., Adventist Healthcare,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 1/1/25, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,021,130</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;3.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">14,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Bay Transportation Auth., Special Assessment,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 7/1/34, Ser. A, (Pre-refunded @ &#36;100, 7/1/15) (a)(b)(g)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,323,310</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State College Building Auth. Project Rev., Ser. B (XLCA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,560</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,174,825</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,645</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,453,306</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/39</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,548,850</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,295</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Turnpike Auth. Rev., 4.75%, 1/1/34, Ser. A (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,162,929</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,050</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Water Res. Auth. Rev., 4.75%, 8/1/37, Ser. A (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">11,638,974</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">51,302,194</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Michigan&#151;2.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Detroit City School Dist., GO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/32, Ser. A, (Pre-refunded @ &#36;100, 5/1/13) (FGIC)(a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,023,175</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Detroit Water Supply System Rev., 5.00%, 7/1/30, Ser. A (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,531,025</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,545</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Garden City Hospital Finance Auth. Rev., 5.00%, 8/15/38, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,954,650</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Star International Academy, CP, 6.125%, 3/1/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">487,355</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Hospital Finance Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ascension Health, 5.25%, 11/15/26, Ser. B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,073,500</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Oakwood Group, Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/32</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,887,450</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,925</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 4/1/22</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,032,838</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Finance Auth. Rev., 6.00%, 6/1/48, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,043,320</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">43,033,313</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Minnesota&#151;0.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">280</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">City of Minneapolis, Tax Allocation, Grant Park Project, 5.35%, 2/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">266,753</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Minneapolis Rev., Providence Project, 5.75%, 10/1/37, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,414,230</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
    <font size=1 face="sans-serif">August 31, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD width=90% align=left nowrap style="border-bottom:4px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Minnesota&#151;</FONT></B><FONT size=1 face="sans-serif">(continued)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">North Oaks, Presbyterian Homes Rev. (c),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;2,640</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 10/1/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;2,654,705</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,530</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 10/1/39</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,538,476</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Oronoco Multifamily Housing Rev., 5.40%, 6/1/41</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">458,770</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,332,934</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Mississippi&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,605</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Business Finance Corp., Pollution Control Rev., 5.875%, 4/1/22</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba1/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,605,865</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">740</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dev. Bank Special Obligation, Projects &amp; Equipment Acquisitions Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/24 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">720,250</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,326,115</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Missouri&#151;0.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Branson Regional Airport Transportation Dev. Dist. Rev., 6.00%, 7/1/37, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">379,792</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">860</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Hanley Road &amp; North of Folk Ave. Transportation Dist. Rev., 5.00%, 10/1/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">825,368</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">St. Louis Parking Facs. Rev., Downtown Parking Fac.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 2/1/28, (Pre-refunded @ &#36;100, 2/1/12) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,633,275</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,838,435</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Nevada&#151;1.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Clark Cnty., GO (FGIC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,450</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,476,085</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,950</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/31, (Pre-refunded @ &#36;100, 6/1/11) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,039,739</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Reno Transportation Project Rev. (Pre-refunded @ &#36;100, 6/1/12) (AMBAC)(a),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,960</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,204,768</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,123,620</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,716,335</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,570</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 6/1/41</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,078,704</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,290</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Truckee Meadows Water Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/30, Ser. A, (Pre-refunded @ &#36;100, 7/1/11) (FSA)(a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,459,106</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,098,357</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New Hampshire&#151;0.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health &amp; Education Facs. Auth. Rev., Catholic Medical Center,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">360</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 7/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">370,562</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,640</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 7/1/32, (Pre-refunded @ &#36;101, 7/1/12) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,931,219</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,301,781</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New Jersey&#151;3.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Economic Dev. Auth.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Kapkowski Road Landfill, Special Assessment,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 10/1/21</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,163,800</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,405</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,576,873</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Economic Dev. Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Arbor Glen,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">525</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">530,649</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">225</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28, Ser. A, (Pre-refunded @ &#36;102, 5/15/09) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">237,485</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Seabrook Village, 5.25%, 11/15/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,186,250</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Seashore Gardens, 5.375%, 11/1/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">234,453</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,340</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health Care Facs. Financing Auth. Rev., Trinitas Hospital, 5.25%, 7/1/30, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,283,211</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Educational Facs. Auth. Rev., 6.00%, 7/1/25, Ser. D</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,575,390</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
    <font size=1 face="sans-serif">August 31, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:4px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">New Jersey&#151;</FONT></B><FONT size=1 face="sans-serif">(continued)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;13,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/41, Ser. 1A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;11,355,025</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,285</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/37, (Pre-refunded @ &#36;100, 6/1/12) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,409,966</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,095</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/42, (Pre-refunded @ &#36;100, 6/1/12) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,412,640</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/43, (Pre-refunded @ &#36;100, 6/1/13) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,909,832</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39, (Pre-refunded @ &#36;100, 6/1/13) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,872,700</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,748,274</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">New Mexico&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Farmington Pollution Control Rev., 5.80%, 4/1/22</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,027,100</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">New York&#151;3.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev., 6.00%, 11/15/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,182,000</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Liberty Dev. Corp. Rev., Goldman Sachs Headquarters, 5.25%, 10/1/35 (b)(g)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,328,500</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Metropolitan Transportation Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,600</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/30, Ser. A (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,783,380</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 11/15/32, Ser. B, (Pre-refunded @ &#36;100, 11/15/13) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,833,200</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth., Water &amp; Sewer System Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/37, Ser. D (b)(g)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,813,792</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/39, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,079,660</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev., Sloan-Kettering Center Memorial,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/34, Ser. 1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,719,631</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Environmental Facs. Corp. Rev., 5.00%, 6/15/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,049,220</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">53,789,383</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">North Carolina&#151;0.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">550</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">North Carolina Medical Care Commission Rev., Salemtowne, 5.10%, 10/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">500,044</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Ohio&#151;0.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Lorain Cnty. Hospital Rev., Catholic Healthcare, 5.375%, 10/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,627,725</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Oklahoma&#151;0.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,010</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tulsa Cnty. Industrial Auth. Rev., Legacy Apartments,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.90%, 11/20/46 (FHA-GNMA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,011,025</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;3.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Allegheny Cnty. Hospital Dev. Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">22,600</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 11/15/40, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba2/BB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,817,312</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">530</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/15, Ser. B, (Pre-refunded @ &#36;102, 11/15/10) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba3/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">612,505</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/22, Ser. B, (Pre-refunded @ &#36;102, 11/15/10) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba3/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,181,460</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/30, Ser. B, (Pre-refunded @ &#36;102, 11/15/10) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba3/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,734,322</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Cumberland Cnty. Auth., Retirement Community Rev., Wesley Affiliated Services,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.25%, 1/1/35, Ser. A, (Pre-refunded @ &#36;101, 1/1/13) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,235,660</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Harrisburg Auth. Rev., 6.00%, 9/1/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,219,125</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Montgomery Cnty. Higher Education &amp; Health Auth. Hospital Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Abington Memorial Hospital, Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/27</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,018,100</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/32</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,710,813</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Philadelphia, GO, 5.25%, 9/15/25, Ser. 2001 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,080,460</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Philadelphia Auth. Industrial Dev. Lease Rev., 5.25%, 10/1/30, Ser. B (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,113,600</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
    <font size=1 face="sans-serif">August 31, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:4px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;</FONT></B><FONT size=1 face="sans-serif">(continued)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Pittsburgh &amp; Allegheny Cnty. Public Auditorium Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/29 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;503,335</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,226,692</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Electric Power Auth. Power Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/29, Ser. NN, (Pre-refunded @ &#36;100, 7/1/13) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/BBB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,492,530</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Rhode Island&#151;5.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">76,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">76,590,144</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">South Carolina&#151;5.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">27,745</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Greenville Cnty. School Dist. Rev., Building Equity Sooner Tomorrow,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 12/1/28, (Pre-refunded @ &#36;101, 12/1/12) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AA-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">30,275,344</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,120</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Jobs Economic Dev. Auth. Rev., Bon Secours Health System,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/A-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,514,654</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Lexington Cnty., Health Services Dist. Hospital Rev. (a),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/1/32, (Pre-refunded @ &#36;100, 11/1/13)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">16,318,500</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/37, (Pre-refunded @ &#36;100, 5/1/14)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,818,885</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 11/1/28, (Pre-refunded @ &#36;100, 11/1/13)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,507,350</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Rev. Management Auth. Rev., 6.375%, 5/15/28, Ser. B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,365,927</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">77,800,660</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Tennessee&#151;0.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Knox Cnty. Health Educational &amp; Housing Facs., Board Hospital Facs. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare Partners, 5.25%, 10/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,793,088</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Texas&#151;10.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Arlington Independent School Dist., GO, 5.00%, 2/15/24 (PSF-GTD),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,068</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Aubrey Independent School Dist., GO (PSF-GTD),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">130</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">137,280</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,350</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/33, (Pre-refunded @ &#36;100, 8/15/14) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,789,176</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Brazos Cnty. Health Facs. Dev. Corp., Franciscan Services Corp. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 1/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/A-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,605,625</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Comal Cnty. Health Facs. Dev., McKenna Memorial Hospital Project Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 2/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BBB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,770,605</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Frisco Independent School Dist., GO, zero coupon, 8/15/34 (PSF-GTD)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,055,200</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Harris Cnty.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">GO, 5.125%, 8/15/31, (Pre-refunded @ &#36;100, 8/15/12) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,973,907</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Health Facs. Dev. Corp. Rev., St. Luke's Episcopal Hospital,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 2/15/26, Ser. A,
        (Pre-refunded @ &#36;100, 8/15/11) (a)</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,565,892</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Senior Lien Toll Road Rev., 5.00%, 8/15/30 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,525,750</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">HFDC of Central Texas, Inc., Village at Gleannloch Farms Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/37, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">656,453</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Keller Independent School Dist., GO (PSF-GTD),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">770</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.875%, 8/15/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">765,134</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,730</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.875%, 8/15/31, (Pre-refunded @ &#36;100, 8/15/09) (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,884,521</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,170</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Little Elm Independent School Dist., GO, 5.30%, 8/15/29, Ser. A (PSF-GTD)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,279,175</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">North Dallas Thruway Auth. Rev., 4.75%, 1/1/29 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,251,187</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Quinlan Independent School Dist., GO, 5.10%, 2/15/32 (PSF-GTD)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,051,300</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Sabine River Auth. Rev., 5.20%, 5/1/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,814,000</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
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<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
    <font size=1 face="sans-serif">August 31, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:4px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Texas&#151;</FONT></B><FONT size=1 face="sans-serif">(continued)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State, GO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;10,025</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 4/1/35, Ser. A (b)(g)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;9,783,698</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 4/1/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,019,275</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Public Finance Auth. Rev., 5.875%, 12/1/36, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">997,810</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Turnpike Auth. Central Turnpike System Rev. (AMBAC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/15/19, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,835,900</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,880</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/15/42, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,902,822</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Water Financial Assistance, GO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,282,208</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,650</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 8/1/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,697,372</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Wichita Falls Water &amp; Sewer Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, (Pre-refunded @ &#36;100, 8/1/11) (AMBAC)(a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,383,600</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Willacy Cnty. Rev., 6.875%, 9/1/28, Ser. A1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,162,823</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">156,200,781</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Utah&#151;3.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">44,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Utah Transit Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif"> &nbsp; &nbsp; &nbsp;4.75%, 6/15/35, Ser. B, (Pre-refunded @ &#36;100, 12/15/15) (FSA)(a)(b)(g)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,780,899</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Virginia&#151;0.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Fredericksburg Industrial Dev. Auth., Medicorp Health System Rev., Ser. B,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/15/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500,325</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 6/15/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,029,880</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">James City Cnty. Economic Dev. Auth Rev., 5.50%, 7/1/37, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">956,220</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,486,425</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Washington&#151;0.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,800</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Housing Finance Commission Rev., Skyline at First Hill,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 1/1/38, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,518,276</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tacoma Sewer Rev., 5.00%, 12/1/31, Ser. A (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,049,050</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">11,567,326</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Wisconsin&#151;0.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Badger Tobacco Asset Securitization Corp. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,125</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/17</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,174,252</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,948,865</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Health &amp; Educational Facs. Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Froedert &amp; Community Health Obligation,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">90</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AA-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">91,411</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">910</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30, (Pre-refunded
        @ &#36;101, 10/1/11) (a)</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AA-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">970,670</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,185,198</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Total Municipal Bonds &amp; Notes (cost&#151;&#36;1,391,322,692)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,466,031,769</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap colspan=3>
    <div align="left"><B><FONT size=2 face="sans-serif">VARIABLE RATE NOTES </FONT></B><FONT size=2 face="sans-serif">(b)(d)(e)</FONT><B><FONT size=2 face="sans-serif">&#151;4.3%</FONT></B>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Alabama&#151;0.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,450</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev., 9.11%, 2/1/36, Ser. 352 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,130,761</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Montgomery Special Care Facs. Financing Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.92%, 11/15/29, Ser. 435 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,479,730</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,610,491</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;0.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Denver City &amp; Cnty. Airport Rev., 7.92%, 11/15/25, Ser. 425 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,425,950</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
    <font size=1 face="sans-serif">August 31, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD width=90% align=left nowrap style="border-bottom:4px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
  </TD>
  <TD style="border-bottom:4px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:4px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Florida&#151;0.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;1,782</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. School Board, CP, 7.92%, 8/1/24, Ser. 328 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;2,086,009</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,241</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Governmental Utilities Auth. Rev., 7.92%, 10/1/29, Ser. 327 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,048,981</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,134,990</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Illinois&#151;0.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chicago, GO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,780</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.55%, 1/1/28, Ser. 332 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,118,378</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.42%, 1/1/40, Ser. 426 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,679,930</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,288</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Cook Cnty., GO, 7.92%, 11/15/28, Ser. 403 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,386,210</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 9.18%, 4/1/27, Ser. 783 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,339,900</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8,524,418</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;1.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Boston Water &amp; Sewer Community Rev., 7.96%, 11/1/28, Ser. 434 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,470,700</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 9.22%, 11/1/30, Ser. 785 (FGIC-TCRS)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,971,760</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Turnpike Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,366</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.96%, 1/1/37, Ser. 334 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,418,667</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.96%, 1/1/37, Ser. 489 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,021,450</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,668</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.96%, 1/1/39, Ser. 335 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,800,459</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,683,036</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Nevada&#151;0.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 7.92%, 5/15/28, Ser. 344 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,260,896</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Ohio&#151;0.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,580</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Hamilton Cnty. Sales Tax Rev., 7.92%, 12/1/27, Ser. 356 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,735,314</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Philadelphia School Dist., GO (MBIA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,677</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.67%, 4/1/27, Ser. 496</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,901,734</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,670</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.68%, 4/1/27, Ser. 345</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,810,197</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,711,931</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Texas&#151;0.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,460</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Denton Utility System Rev., 8.55%, 12/1/29, Ser. 428 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,681,646</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Houston Airport System Rev., 7.92%, 7/1/25, Ser. 404 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,124,255</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Houston Water &amp; Sewer System Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.92%, 12/1/28, Ser. 427 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,506,350</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,070</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.17%, 12/1/30, Ser. 495 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,784,236</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,096,487</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Washington&#151;0.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,820</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Central Puget Sound Regional Transit Auth. Sales Tax &amp; Motor Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.68%, 2/1/28, Ser. 360 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,819,636</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total Variable Rate Notes (cost&#151;&#36;56,793,570)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">65,003,149</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap colspan=3>
    <div align="left"><B><FONT size=2 face="sans-serif">U.S. TREASURY BILLS </FONT></B><FONT size=2 face="sans-serif">(f)</FONT><B><FONT size=2 face="sans-serif">&#151;0.2%</FONT></B>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,540</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">4.392%-4.645%, 9/13/07 (cost&#151;&#36;3,534,610)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,534,610</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Total Investments </FONT></B><FONT size=1 face="sans-serif">(cost&#151;&#36;1,451,650,872)</FONT><B><FONT size=1 face="sans-serif">&#151;100.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">&#36;1,534,569,528</FONT></B>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
<B><FONT size=1 face="sans-serif">Notes to Schedule of Investments:</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Portfolio securities and other
financial instruments for which market quotations are readily available are
stated at market value. Portfolio securities and other financial instruments for
which market quotations are not readily available or if a development/event
occurs that may significantly impact the value of a security are fair-valued, in
good faith, pursuant to guidelines established by the Board of Trustees. The
Fund&#146;s investments are valued daily using prices supplied by an independent
pricing service or dealer quotations, or are valued at the last sale price on
the exchange that is the primary market for such securities, or the last quoted
mean price for those securities for which the over-the-counter market is the
primary market or for listed securities in which there were no sales.
Independent pricing services use information provided by market makers or
estimates of market values obtained from yield data relating to investments or
securities with similar characteristics. Exchange traded options and futures are
valued at the settlement price determined by the relevant exchange.
Securities
purchased on a when-issued or delayed-delivery basis are marked to market daily
until settlement at the forward settlement value. Short-term investments
maturing in 60 days or less are valued at amortized cost, if their original term
to maturity was 60 days or less, or by amortizing their value on the 61st day
prior to maturity, if the original term to maturity exceeded 60 days. The prices
used by the Fund to value securities may differ from the value that would be
realized if the securities were sold. The Fund&#146;s net asset value is
determined daily as of the close of regular trading (normally, 4:00 p.m. Eastern
time) on the New York Stock Exchange ("NYSE") on each day the NYSE is open for
business.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(a)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Pre-refunded bonds are collateralized by U.S. Government or other eligible securities which are held in escrow and used to pay principal and interest and retire the bonds at the earliest refunding date
(payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate).</FONT></P>
  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(b)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">144A Security&#151;Security exempt from registration, under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified
institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(c)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Delayed-delivery security. To be settled/delivered after August, 31, 2007.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(d)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Inverse Floater&#151;The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(e)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Variable Rate Notes&#151;Instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base
rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on August 31, 2007.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(f)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">All or partial amount segregated as collateral for futures contracts.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(g)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Residual Interest Bonds held in trust&#151;Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired
the residual interest certificates. These securities serve as collateral in a financing transaction.</FONT></P>
  </TD>
</TR>
</TABLE>
<P align="left">
<B><U><FONT size=1 face="sans-serif">Glossary:</FONT></U></B><BR>
<FONT size=1 face="sans-serif">AMBAC&#151;insured by American Municipal Bond Assurance Corp.</FONT><BR>
<FONT size=1 face="sans-serif">CP&#151;Certificates of Participation</FONT><BR>
<FONT size=1 face="sans-serif">FGIC&#151;insured by Financial Guaranty Insurance Co.</FONT><BR>
<FONT size=1 face="sans-serif">FHA&#151;insured by Federal Housing Administration</FONT><BR>
<FONT size=1 face="sans-serif">FSA&#151;insured by Financial Security Assurance, Inc.</FONT><BR>
<FONT size=1 face="sans-serif">GNMA&#151;insured by Government National Mortgage Association</FONT><BR>
<FONT size=1 face="sans-serif">GO&#151;General Obligation Bond</FONT><BR>
<FONT size=1 face="sans-serif">GTD&#151;Guaranteed</FONT><BR>
<FONT size=1 face="sans-serif">MBIA&#151;insured by Municipal Bond Investors Assurance</FONT><BR>
<FONT size=1 face="sans-serif">NR&#151;Not Rated</FONT><BR>
<FONT size=1 face="sans-serif">PSF&#151;Public School Fund</FONT><BR>
<FONT size=1 face="sans-serif">TCRS&#151;Temporary Custodian Receipts</FONT><BR>
<FONT size=1 face="sans-serif">XLCA&#151;insured by XL Capital Assurance</FONT></P>
<P align="left">
<B><FONT size=1 face="sans-serif">Other Investments:</FONT></B></P>
<P align="left">
<FONT size=1 face="sans-serif">(1) Futures contracts outstanding at August 31, 2007:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD width=90%>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Market</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Unrealized&nbsp;&nbsp;&nbsp;</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD width=90%>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Expiration</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=1 face="sans-serif">Appreciation&nbsp;&nbsp;&nbsp;</FONT>
  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">Type</FONT>
  </div></TD>
  <TD width=90% style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Contracts</FONT>
  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>
  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">Date</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD colspan="2" align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Depreciation)&nbsp;&nbsp;&nbsp;</FONT></div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Long: U.S. Treasury Notes 5 yr. Futures</FONT>
  </TD>
  <TD width=90%>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">3,244</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">&#36;346,145</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">12/31/07</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;1,444,595</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Short: U.S. Treasury Bond Futures</FONT>
  </TD>
  <TD width=90%>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">(3,971)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">&nbsp;(443,015)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">12/19/07</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"> <div align="right"><FONT size=1 face="sans-serif">(1,096,790</FONT></div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD width=90%>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="right"><FONT size=1 face="sans-serif">&#36;347,805</FONT>
    </div></TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
</TABLE>
<BR>

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<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
<B><FONT size=2 face="serif">Item 2. Controls and Procedures </FONT></B></P>
<P align="left">
<FONT size="2" face="serif">(a) The registrant's President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Act (17CFR270.30a -3(c)), as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. </FONT></P>
<P align="left">
<FONT size="2" face="serif">(b) There were no significant changes in the registrant's
internal controls over financial reporting (as defined in Rule 30a-3(d)) under
the Act (17 CFR270.30a -3(d)) that occurred during the registrant's last fiscal
quarter that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting. </FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Item 3. Exhibits </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">(a) Exhibit 99.302 Cert. &#150; Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT size=2 face="serif">SIGNATURES </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Registrant: PIMCO Municipal Income Fund II </FONT></P>
<P align="left">
<FONT size=2 face="serif">By /s/ Brian S. Shlissel </FONT><BR>
<FONT size=2 face="serif">President &amp; Chief Executive Officer </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: October 30, 2007 </FONT></P>
<P align="left">
<FONT size=2 face="serif">By /s/ Lawrence G. Altadonna </FONT><BR>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: October 30, 2007 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on
the dated indicated. </FONT></P>
<P align="left">
<FONT size=2 face="serif">By /s/ Brian S. Shlissel </FONT><BR>
<FONT size=2 face="serif">President &amp; Chief Executive Officer </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: October 30, 2007 </FONT></P>
<P align="left">
<FONT size=2 face="serif">By /s/ Lawrence G. Altadonna </FONT><BR>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: October 30, 2007 </FONT></P>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c50688_ex99-cert.htm
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<P align="right">
<B><FONT size=2 face="serif">Exhibit 99.302 Cert. </FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">CERTIFICATIONS </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">I, Brian S. Shlissel, certify that: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">I have reviewed this report Form N-Q of PIMCO Municipal Income Fund II;</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by the report;</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report
is filed;</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">c.</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">d.</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or
is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the
equivalent functions):</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">a.</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to
record, process, summarize, and report financial information; and</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT size=2 face="serif">Date: October 30, 2007</FONT><BR>
<FONT size=2 face="serif">Signature &amp; Title: /s/ Brian S. Shlissel </FONT><BR>
<FONT size=2 face="serif">Brian S. Shlissel, President &amp; Chief Executive Officer </FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>
<P align="left">
<FONT size=2 face="serif">I, Lawrence G. Altadonna, certify that: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">I have reviewed this report Form N-Q of PIMCO Municipal Income Fund II;</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by the report;</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report
is filed;</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">c.</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">d.</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or
is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the
equivalent functions):</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">a.</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to
record, process, summarize, and report financial information; and</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT size=2 face="serif">Date: October 30, 2007</FONT><BR>
<FONT size=2 face="serif">Signature &amp; Title: /s/ Lawrence G. Altadonna </FONT><BR>
<FONT size=2 face="serif">Lawrence G. Altadonna, Treasurer, Principal Financial &amp; Accounting Officer </FONT></P>

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